EU Nuclear Expansion Demands €241 Billion Investment, Draft Says

A draft European Commission analysis shows that €241 billion ($278 billion) in public and private investment will be necessary for the EU to achieve its 2050 nuclear energy targets. The document shows member states intend to raise nuclear capacity from its current 98 GW to 109 GW during the mid-century period.

The total funding will consist of €205 billion for constructing new plants and €36 billion for extending the operational life of existing reactors. The Commission stated that nuclear power generated 24% of EU electricity in 2023 while emphasizing the requirement for new financial instruments to reduce investment risks because of past budget overruns and delays in the sector.

The draft predicts that a five-year delay would lead to an extra €45 billion in costs while demanding funding diversity and de-risking tools to attract private investment.

EU member states maintain different political positions regarding nuclear power. France supports nuclear power as a fundamental element for achieving decarbonization but Germany has decided to eliminate nuclear energy from its energy mix. EU energy policy has refrained from providing specific incentives or budget support to nuclear power.

The Commission together with the European Investment Bank will introduce a €500 million pilot program for power purchase agreements which will now include nuclear power as an eligible option. Among the 27 EU nations twelve currently operate nuclear reactors.